Frontera Starts Drilling at Taribani
Frontera Resources has continued development drilling operations at the Taribani Field Unit within Block 12, Georgia. The Taribani #45 (T-45) well commenced on Wednesday, October 10th and is expected to take approximately 50 days to reach a total depth of 2,400 meters.
Steve C. Nicandros, President and Chief Executive Officer, commented:
"The commencement of drilling operations at the T-45 well is the latest milestone achieved in our continuation of a Zone 9 development program for the Taribani Field Unit. Our progress to date at both the Dino #2 and T-45 wells represents steady progress toward our goal of realizing the significant value that our historical investments in this large undeveloped field have identified."
The Taribani Field is a large, undeveloped oil field covering an area of approximately 80 square kilometers with productive horizons situated in Miocene and Pliocene age reservoirs. These reservoirs are located at depths between 2,200 meters and 3,500 meters. The independent consulting firm of Netherland, Sewell & Associates has assigned 118 million barrels of P3 reserves from Zones 9, 14, 15 and 19 within the field. Additionally, Netherland, Sewell & Associates has assigned as much as 36 million barrels of unrisked resource potential associated with five deeper horizons in the field.
The T-45 is the second of three wells scheduled for workover or drilling in 2007 as part of the Company's Zone 9 development program, a 36-month, 20-well program targeting approximately 17 percent of the estimated reserves attributed to Zones 9, 14, 15 and 19 within the field. The first well – the Dino #2 – was re-completed in Zone 9 during September 2007 and will receive a frac-pack completion once the T-45 well is drilled and has been completed in the same manner. A third well – the Taribani South #1 – is scheduled to commence drilling in the fourth quarter of this year, and eight new wells are planned for 2008.
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